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Wal-Mart to Expand in Costa Rica
U.S. retail giant Wal-Mart
Stores Inc., the world's largest
retailer, will spend us$49
million to open 14 new stores in
Costa Rica this year, the
company said Tuesday.
The new stores will create 1,500
new jobs, Wal-Mart said.
Wal-Mart announced the
investment after its chief
executive officer for the
Americas, Craig Heckert, met
Costa Rican President Oscar
Arias. Heckert was in San José
for a Wal-Mart Central America
board meeting.
Wal-Mart, has been stepping up
its presence in Central America
since entering the market in
2005. Central America is a
largely poor region of around 41
million people that bridges
Mexico with South America.
Wal-Mart Central America was
formed a year ago when Wal-Mart
obtained majority control of the
Central American Retail Holding
Company (CARHCO), which it first
bought into in Sept. 2005.
The group has some 375
supermarkets and other stores in
Guatemala, El Salvador,
Honduras, Nicaragua and Costa
Rica and posted sales of about
us$2.2 billion in 2005.
Wal-Mart controls some 9,000
jobs in Costa Rica through its
Mas X Menos, Pali, Maxibodega
supermarkets and the Hipermas
mega stores.
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